Comments by "Bobby Loo" (@BobbyLoo-jr8ys) on "China‘s Middle Class Collapse: City Elites Now the New Poor, Owning Cars and Homes, But Penniless" video.

Those with expensive houses and cars, l wonder...Is/was it fully paid, or mortgaged, paid with debt/loans. Those that have NO debt are the ones that are truly rich because with no mortgage or loans, the money earn is 100% yours. Those are the ppl that are rich! Money coming in, stays in. Whereas those with debt: Money coming in, as fast as money goes out to paid those debt with interest.
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1st tier city like SH are only for the upper middle class. Those that can't afford to live in 1st tier city, must downgrade to tier 2 or 3. Only the strongest can adapt and survive in SH. A monthly salary of at least 10k is needed to live there. Lower than that, is a struggle =stress.
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This is what happens: Bad financial planning: Always prepare funds for raining days. For example, the old saying: save at least 4 months of salary is out of date. I believe, one needs to have at least 250k RMB in saving to be secure. More is better. But of course not everyone can save a quarter of million rmb.
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